Professional Documents
Culture Documents
The Global
Talent Crisis
Contrary to popular opinion, there are plenty
of open jobs. What’s missing are candidates
with skills.
We are in the midst of a global job discouraged to even look for work or struments. The tech-based U.S. econ-
and talent upheaval, the most re- file for unemployment, and the num- omy failed to invest enough long-
markable of any job and talent ber of people working part time who term resources to educate the
change since the Industrial Revolu- wish to work full time, that figure nation’s youth, preparing them to
tion and encompassing every aspect now approaches 15%. Some 9 million work in the next wave of emerging
of the global economy. people in the United States only have science, technology, engineering, or
The dawning of a new industrial part-time work, up 83% from a year mathematically based (STEM) jobs.
age, a period characterized by a ago. Part-time workers account for While much attention has been fo-
growing need for highly skilled tech- almost 20% of the workforce. That cused on how many millions of low-
nical workers, is driving this revolu- number, too, will likely go up by skill U.S. jobs have been outsourced,
tion. From now through the next next year. There will be jobs in 2010, little notice has been paid to how
decade and beyond, this need will but highly skilled and educated many millions of high-pay, high-skill
grow at an unrelenting pace. This workers will have an easier time in a tech jobs have been outsourced to
new age will require the reinvention highly competitive environment. Europe, Japan, Singapore, or other
of the education-to-employment sys- This is a familiar refrain; we’ve countries with well-educated labor
tem. Simply put, we need to prepare been hearing alarms about the skills pools. Meanwhile, U.S. businesses
more people for jobs that are now be- gap for years. But if ever there was a are importing STEM talent from
ing created by an ultra-high-tech time to get serious about helping abroad using H-1B visas to keep the
economy. In the United States alone, workers acquire the right skills, this nation’s tech-based economy operat-
this high-tech age could spur the is it. ing.
economy to a GDP of $20 trillion per The United States has outsourced
year by 2019 (Congressional Budget advanced technological production,
Clearing the Decks: What Today’s
Office estimate), compared with a design, and management capacity.
Downturn Means for Tomorrow’s
little over $14 trillion now. But prog- Also, many U.S. industries have be-
Job Market
ress is not guaranteed, and the boun- come over-reliant on H-1B “specialty
ties of success will not be evenly dis- Over the last 10 years, the real U.S. occupation” visas to import workers
tributed. economy did grow. Unfortunately, from overseas. However, over the
In the United States, the official too much of the wealth created was next decade, U.S. companies will
unemployment rate is projected to based on short-term financial specu- have trouble building new high-tech
top out at near 10.5% by 2010. Fac- lation all around the globe and the factories in high-skill counties like
toring in the number of people too manipulation of exotic financial in- South Korea, Japan, or Germany, be-
forces driving us to a talent show- ucational preparation needed for sci- Asia. Replacement-level fertility (on
down: demographic declines in entific or technical employment. a national level) is generally consid-
many industrialized nations, a skills • Global demographics. Through- ered 2.33 children per female, but
gap because students and incumbent out the industrialized world, birth- can be higher in countries with a sig-
workers are not receiving the educa- rates are very low and the propor- nificant infant-mortality rate. The
tion and training needed for high- tion of baby boomers retiring is very CIA World Factbook estimates Ger-
tech employment, and a cultural bias high. This is a particularly important many’s fertility rate now to be 1.4;
against undertaking the rigorous ed- issue in western Europe and parts of Italy’s, 1.31; Russia’s, 1.41; Japan’s
and South Korea’s, 1.21. This means Y don’t have the same ethos regard- delay retirement due to declines in
that the working-age populations in ing work as their parents did. The investments and pensions. Genera-
these countries will shrink and have baby boomers seemed to live to work tion X in particular is more interested
to support higher and higher num- and shop. They put up with long in obtaining a good work-life bal-
bers of retirees. hours in exchange for big salaries. ance. Women are graduating from
Shifts in generational values are That’s changing. Many boomers are institutions of higher learning at
magnifying the impact of demo- looking to work less hard as they higher rates than are men, and many
graphic declines. Generations X and age, although many may be forced to want time off to raise children. They